Els Reports Minimal Impact From Hurricane Helene
Rhea-AI Summary
Equity LifeStyle Properties (NYSE:ELS) has reported its preliminary assessment of Hurricane Helene's impact on its properties in Florida, North Carolina, and South Carolina. The company stated that no injuries to residents, guests, or employees have been reported. Some properties experienced effects from flooding, wind, wind-blown debris, and falling trees and branches.
ELS is currently estimating costs for cleanup and restoration efforts. The company believes it has adequate insurance coverage, including business interruption coverage, subject to deductibles. At this time, ELS does not anticipate that Hurricane Helene will significantly impact its results of operations or financial condition on a consolidated basis.
Positive
- No injuries reported to residents, guests, or employees
- Adequate insurance coverage, including business interruption coverage
- Hurricane Helene not expected to significantly impact results of operations or financial condition
Negative
- Some properties affected by flooding, wind, debris, and falling trees
- Costs associated with cleanup and restoration efforts yet to be determined
- Potential insurance deductibles to be paid
News Market Reaction 1 Alert
On the day this news was published, ELS declined 1.64%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
No injuries to our residents, guests or employees have been reported. Certain properties were affected by flooding, wind, wind-blown debris, and falling trees and branches. We are in the process of estimating costs associated with cleanup and restoration efforts. We believe that we have adequate insurance, subject to deductibles, including business interruption coverage. At this time, we do not believe that Hurricane Helene will significantly impact our results of operations or our financial condition on a consolidated basis
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of, and our ability to remediate material weaknesses in our internal control over financial reporting.
For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 452 properties located predominantly in
View original content:https://www.prnewswire.com/news-releases/els-reports-minimal-impact-from-hurricane-helene-302263305.html
SOURCE Equity Lifestyle Properties, Inc.
FAQ
How did Hurricane Helene affect Equity LifeStyle Properties (ELS) in Florida, North Carolina, and South Carolina?
Were there any injuries reported at ELS properties due to Hurricane Helene?
Does ELS have insurance coverage for the damage caused by Hurricane Helene?
Will Hurricane Helene significantly impact ELS's financial results?
